Japan's parliament has ratified the Trans-Pacific Partnership, a mostly symbolic step because of opposition by President-elect Donald Trump that is forcing Tokyo to abandon the current trade agreement.

Assuming he carries out his pledge, Japan has several options: pursue the TPP without the U.S., negotiate a two-way trade deal with the U.S. or prioritize free trade with other countries.

Japan's economy grew much slower than initially estimated in Q3, recording an annualized 1.3% expansion instead of a preliminary reading of 2.2%, as capital expenditure dried up and companies ran down inventories.

The government's projection for the overall size of the economy rose, however, thanks to its adoption of a new base year and incorporation of international accounting standards.

U.S. President-elect Donald Trump has released a video laying out actions he will take on his first day in office, including withdrawing the U.S. from the Trans-Pacific Partnership, a key achievement of the Obama administration.

Trump also said he would issue a rule cutting government regulations, investigate abuses of visa programs, and cancel some restrictions on energy production, including shale oil, gas and coal.

Japan's Shinzo Abe will meet Donald Trump today in NY, making him the first foreign leader to meet the incoming American President, as the BOJ goes on the defensive, buying JGBs in a bid to offset rising treasury yields.

Governor Haruhiko Kuroda said he would not allow market pressure from the U.S. to interfere with Japanese monetary policy and does not need to move in tandem with the Federal Reserve.

Japan's economic growth handily beat expectations in the July-September period, expanding for a third straight quarter as exports recovered, but weak domestic activity cast doubt on hopes for a sustainable recovery.

While GDP grew at an annualized 2.2% pace, household spending and capital investment were flat on quarter, despite efforts by Prime Minister Shinzo Abe to get companies to spend more of their cash piles.

The Reserve Bank of Australia kept interest rates unchanged today at 1.5%, indicating what analysts called a "wait and see" approach to future monetary policy easing despite a run of soft inflation figures.

The Bank of Japan also held rates and left the pace of bond purchases unchanged, but cut its core consumer inflation forecast for the year ending March 2018 to 1.5% from 1.7%.

Asian markets fell again today as investors stayed edgy after a disappointing start to the U.S earnings season and fears of a Federal Reserve interest rate hike.

Japan's benchmark Nikkei 225 was down 1.1% and the Shanghai Composite tracked 0.5% lower. South Korea's Kospi managed a 0.1% gain, despite a 1% decline in Samsung (OTC:SSNLF, OTC:SSNNF). The bruised electronics multinational accounts for about 18% of the Kospi.

Governor Haruhiko Kuroda has given his clearest signal yet that the BOJ may postpone the forecast date for achieving its 2% inflation target to 2018.

A delay could mean the BOJ would fail to reach its objective during Kuroda's term, which concludes in April 2018, raising the stakes for either the governor's reappointment or the selection of a successor who's committed to sustaining the unprecedented monetary stimulus.

"Members shared the recognition that risks to Japan's economic activity and prices remained skewed to the downside," according to the minutes from the Bank of Japan's July meeting.

At its rate review last week, the BOJ switched its policy target to interest rates from the pace of money printing, after years of massive asset purchases failed to jolt the economy out of decades-long stagnation.

The Bank of Japan's latest gambit to try and restore growth and inflation to the country is being dubbed "yield-curve control." The bank will abandon its focus on the monetary base, and instead aim to keep 10-year JGB yields from falling into negative territory (where they've been since March), and overshoot the 2% inflation target.

The steeper yield curve, hopes the BOJ, will encourage banks to lend and consumers to borrow.

After a generation of failed BOJ policies, some analysts are naturally cynical. "Committing to 'overshoot' 2% inflation rings hollow if you can't get there in the first place," tweets DailyFX's Ilya Spivak.

While the Nikkei climbed 1.9% following the news, and the 10-year JGB yield pushed into positive territory for the first time since March, the yen - which initially fell - has moved higher. Dollar/yen is down 0.35% at ¥101.33.

Japan's central bank kept rates unchanged at -0.1% following its latest meeting, but announced it would modify its policy framework, marking the latest attempt to boost prices and goose economic growth.

Among the changes, the BOJ said it would introduce yield curve controls, eliminate the maturity range of its bond purchases, abandon its monetary base targets and confirmed that cutting rates further remained an option.